The Crypto-to-SEPA payment service Bitwala has just announced a new service that further integrates the Bitcoin digital currency into fiat money payment systems. Now their payment system allows users to send Bitcoins to any PayPal account by using the account’s attached email address.
Currently all payments are made in Euros, with the exchange rate dictated by PayPal itself, but the company plans to expand payments to more currencies in the future as well as expand the Bitwala service beyond Europe.
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Merging the Bitcoin system with the fiat payment structure just a little, Bitwala, the Netherlands based Crypto-to-SEPA payment service has recently announced its ability to make direct Bitcoin payments to any PayPal account anywhere in the world, including your own, using just the PayPal account’s email address.
Transfers to PayPal accounts are charged with a 0.5% flat fee, and are currently made only in Euros, with conversion to the accounts currency being carried out by PayPal, set at their own rates applicable at the time of the deposit.
This is just the start of the new service however, now the structure is approved by lawyers and up and running, Bitwala CEO Jörg von Minckwitz has said the next step is to “implement more currencies, way more, along with a new application for Bitwala. They will both be released and implemented next year”.
In addition, Bitwala is seeking to expand the business itself beyond their European market, Minckwitz saying that “We are closing our investment round soon and with it get the necessary funding. Step by step, we are planning the expansion of Bitwala to Asia and Africa. This is going to change everything”.
Even in the limited currency form it exists today, this represents a real change for digital currency use, and Bitcoin users in particular. While Bitcoin itself and digital currencies overall continue to expand their user bases and become easier to obtain and use, they are still not in a position to challenge the ubiquity of payment systems such as PayPal. This makes the ability to transfer Bitcoin into a PayPal account, even your own, simply and directly with such a small fee incredibly useful. From the PayPal account, funds can be paid into one’s own normal bank account without further fee, or used for purchases and bill payments that would not be possible using just digital currency at the moment.
This make this service possibly the cheapest way to move Bitcoin from the digital domain into your own bank account there is, while further increasing the usefulness of Bitcoin payments by removing one of the barriers to adoption, the relative difficulty of turning Bitcoin into fiat currency.